Resources and Knowledge for the Small Business CEO

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:financial management

It can be so easy to get carried away during the initial phases of setting up your own business, but it’s vital that you keep your head. Many new company owners waste thousands that they haven’t earnt yet on illogical expenses, so here are just a handful that you should avoid.

1. Extravagant “image” purchases

The last thing you should be spending your money on is a fancy suit or designer watch; you can certainly get a smart-looking, good quality suit to match whatever your budget is. As long as you look professional, your client won’t know or care where your clothes are from.…

Starting a business will be one of the most difficult things that you ever do, so many new things to learn, so much hard work to put in and a lot of pressure on making it a success. The best thing you can do for your future business is to ensure that before you start, you have everything in place that you are going to need, fail to prepare and prepare to fail, this motto could not be more true when it comes to a start-up business.

One of the key things that you need to have in place is your finances and a plan for your finances once the business starts, here are some tips on how you can ensure your financially prepared to start a business.…

Personal money management is tough enough, but when you try to manage money for an entire business or brand, things become even more complicated and convoluted. And that’s why there are specialized tools and organizational tips specifically for business finance managers.

Five tips in particular might include hints like making sure that you shorten your selling cycles, use social elements for natural brand promotion, get feedback from early adopters, keep personal and professional finances separate, and use project management software to help synchronize all of your business communications with respect to money flow.

As an SME it’s easy to rack up more expenses than what you are generating in revenue. Spending on suppliers, vendors, employee perks and taxes can get out of hand in the blink of an eye unless carefully planned. But there are several ways to limit expenditures that, by focusing on improving efficiency, can even make a company more profitable.

Palletise large shipments

If you are shipping goods as part of your basic, regular practice, how you do so is a crucial factor in your business’s operations. It goes without saying that a reliable pallet courier that offers competitive prices and excellent service should be used.…

Banks can help you in managing your money passively. However, you can do better than that: How about actually managing your money better with the help of your stationary, an accountant and the cloud. Interested in learning more?

If you won the lottery big time, what would you do with your new found riches? I mean after you buy your sexy new Aston Martin and charter a yacht around the Greek islands. Keep the money in your bank account and not only will you have to trust yourself not to touch it, you’ll entrust an investor, an outsider with your millions.…

Owning and operating a business can be a challenge. There are a lot of expenses that you are responsible for. Unexpected things can happen, such as property damage or a bad quarter. For some unexpected things you can simply talk to an insurance agent, but not everything can be solved with insurance.

In order for your business to be a success, you have to have a good financial plan. There are a few basic things you can do to help ensure that your business does well:

1. Budget

Many people assume that finances can be a confusing and stressful thing to manage, especially if you’re not prepared or educated in how to manage finances successfully.

Many people just throw their receipts in a box and then decide to organize these receipts when it’s necessary, such as when tax season is approaching. But this is not an effective financial method, whether for a business or for your personal finances. Having organized financial records is essential, especially when it comes to managing cash flow for business or for personal use.

Luckily, you don’t have to be a tax expert in order to manage finances.…

It’s inevitable that at some point your business is going to run into financial trouble…

Even if you’re financially secure personally, and able to cover your businesses losses; that’s your money, not the business’s cashflow.

If you have a bank or other type of financial backer who can take care of you when you fall short; the business didn’t generate that money, and it’ll still end up costing more when it comes time to pay the money back (i.e., interest or equity payments).

Take steps to make sure you stay out of the red to begin with. As martial arts legend turned IRS fraudster Wesley Snipes said in his very first box-office movie, Passenger 57: “Always bet on black!”

Snipe’s advice refers to a last ditch casino gambling effort when one’s down to their last c-note: to put your remaining cash on “black” at the roulette table in hopes of cashing in big (see urban dictionary) – i.e., a fifty-fifty chance.…